Media giants Viacom and CBS to merge in latest mega-deal
Entertainment giants CBS and Viacom are to merge in the latest media mega-deal as broadcasters adapt to changing consumer demands. The merged firm, to be called ViacomCBS, would be controlled by National Amusements, the holding company owned by billionaire Sumner Redstone and his daughter, Shari. There have been at least three attempts to re-combine the companies, but all failed due to clashes between executives and investors over who got the top jobs as well as the valuations of the business. He believed it would unlock the value of Viacom, which was broadcasting some of TV's most popular shows at a time when CBS was becoming less popular.